2015 Americas Letter of Credit Law Summit2015 Americas Letter of Credit Law Summit

IIBLP

New York

CDCS: 6 PDUs awarded for Standby Forum

2015 Americas Standby & Guarantee Forum2015 Americas Standby & Guarantee Forum

16 October16 October

15 October15 October

Citibank388 Greenwich StreetNew York, NY 10013United States

2015 Americas Standby& Guarantee Forum

388 Greenwich Street • New York, NY • 10013 • US

Thursday, 15 October 2015

9:00-9:30 Check-in and Registration

(program and panelists tentative as of 8/25/15)

9:35-9:50

9:50-10:10

10:10-10:30

Early Closure on a Banking Day

Opening Hours Listed in LC: Should banks do so? Pros & Cons

No Expiry Date or Perpetual LC: Approaches

11:00-11:30

11:30-12:0012:00-1:00

1:00-1:30

1:30-2:15

2:15-3:15

Auto-Extension Confirmation

ISP98 Interpretations & Revision of the Official Commentary

Cancellation: Why and How

Lunch

Supersedeas LCs: An Explanation through Dramatization

10:30-11:00 Standby Forms

Should an LC state the hours when a bank is “open” for presentation? Pros & Cons?

• Does inserting an ‘extend or pay demand’ into a demand that is attached to the standby as an exhibit give rise to a dis-crepancy? • No revision to the ISP98 rules needed • The Official Commentary: Revision Process • Official Interpretations

What if a bank is forced to close early on the banking day on which the credit expires and the beneficiary attempts to make presentation after its early closure but during otherwise regular business hours? • The Hong Kong Non-Typhoon of July 2015: “Force Majeure” • Repudiation • Anticipating such closure in drafting • A look at the different approaches of UCP600, ISP98, and URDG758.

How should a confirmation of a standby which contains an automatic extension clause be structured? Risks?

3:15-4:15 Financial Crime in Trade: Obligations and Expectations

4:15-4:30 Networking Break

4:30-6:15 Standby and Guarantee Cases: What You Need to Know

Networking Break

How can the LC community deal with LCs that do not contain an expiry date? • Does the URDG approach work? • Alternatives

•Lexis Form • Spliethoff Form • A report on ISP98 Model Forms 11.1, 11.2, Confirmations, and insurance forms.

What are the reasons that a standby or independent guarantee should be cancelled? How to structure cancellation? Op-tions? Pros & Cons?

Discussion of the use of supersedeas standbys, particularly in the S.D.N.Y., in lieu of a supersedeas bond and its applicabil-ity under state and federal rules. What are the issues and considerations?

• Update on US Regulations and Rules • UK’s FCA Report • The way standbys are utilized to facilitate financial crime.

Discussion of leading standby and guarantee cases.

6:15-6:30 Miscellaneous Issues Affecting Standbys and Guarantees

Welcoming Remarks by Valeria SicaManaging Director, Global Trade Services Head, Citi (New York)9:30-9:35

Friday, 16 October 2015

2015 Americas Letter of Credit Law Summit

388 Greenwich Street • New York, NY • 10013 • US

(program and panelists tentative as of 8/25/15)

8:30-9:00 Check-in and Registration

9:05-10:00

10:00-10:30

10:30-11:00

UCP700: Issues in Revising UCP600

The Meaning of “Compliance”: Litigating Questions Regarding Documentary Compliance: Issues and Appeals

Issues in Contracting to Pay with a LC: What Should the Buyer, Seller, & Bank consider?

11:15-11:45

11:45-12:15

12:15-12:45

12:45-1:45

1:45-3:15

3:15-3:45

Advising & Presenting Bank Roles and Responsibilities

Alternatives to Auto Extension and/or Long Term LCs

LunchMoney Laundering, Sanctions, and Compliance Revisited

ePresentation Under Standbys & ISP98 Rule 3.06: Why Not? Pros & Cons

11:00-11:15 Networking Break

Summary disposition • Use of experts, jury, and others.

Is UCP600 Article 38 satisfactory? • What aspects of transfer are not covered? • Should transferring banks have liability? • Does an issuer have a right to know in advance about the transfer, the transferee? • Transfer in an age of sanctions.

Banks are adverse to longer credit exposure than an extendable year with an automatic extension option. Are there any alternatives?

Shifting Sanctions: Clearing a Path for Blocked Funds; FATCA Withholding and Liquidity Coverage Ratio Regulations• Volcker on Risk of Distribution of Trade Obligations

Can we trust the ICC to get the revision right? • Negotiation & Discount reprised • Amendments • ISBP Incorporated in UCP700? • Forum/Jurisdiction Rule • Drafts — a matter for law or LC practice rules? • Acceptances – What satisfies an undertaking to “accept”? • Negotiating Banks • Fix UCP600 Article 39 (Assignment) • Choice of Law and Forum • Accommodating sanctions and anti-money laundering • and more

Advising banks are regularly asked to do more than advise. What? Why? Should they? And so are presenting banks.

3:45-4:00 Networking Break

4:00-5:30 LC Cases & Issues of SignificanceCan a bank reinstate an LC nine Months after it had expired? • ICC Opinion 814 (Spring 2015): (1) “$”; (2) Original nego-tiable B/L, “blank endorsed”. • ICC Opinion 820 (Spring 2015): The effect of rejection of an amendment. How can an issu-er override rules (& law) to make an issued amendment available for a limited period of time if not accepted by notice?

5:30-6:00 Miscellaneous Issues Affecting Standbys and Guarantees

Transferred LCs: The Role of Transferring Bank and Rights of Transferee Beneficiaries

9:00-9:05 Welcoming Remarks by Valeria SicaManaging Director, Global Trade Services Head, Citi (New York)

Host Sponsor

Citi Trade Finance is a core offering of Citi’s Treasury and Trade Solutions business, a unit of Citi’s Insti-tutional Clients Group. Citi Trade Finance leverages its global footprint and on-the-ground relationships to serve corporates, financial institutions, and public sector organizations around the world. From risk mitigation to financing, settlement to information, Citi’s trade experts deliver comprehensive solutions to suppliers, buyers and financial institutions worldwide through its market-leading proprietary network. With Citi as your partner, you’ll benefit from innovative ideas and advanced technology, enabling you to: • Manage risk and inject finance into your supply chain • Improve working capital • Control trade flows and multiple currency cash flows • Access information to facilitate the management of your trade activities

The strength of this business is characterized by: • In-country trade capabilities in more than 80 countries • Ability to capture end-to-end cross-border trade flows on behalf of clients worldwide, who initiate more than 2 million trade transactions per year • Investment in technology to stay at the forefront of offering innovative solutions • Correspondent relationships with more than 1,300 financial institutions • Innovation in export credit agency (ECA)-backed transactions through partnerships with more than 65 ECAs • Flexibility, security and reliability with our supply chain finance offering which supports more than $40 billion of annual payment flows, and over 65,000 suppliers in 81 countries participating in over 850 programs globally • Market-leading financing programs and technology platforms, including: Citi® Supplier Finance, Citi® Integrated Freight Processing, Citi® Procure to Pay, our Multi-Bank Global Trade Program, and our Receivables, Commodities Trade, and Distribution Finance services.

Co-Sponsors

Documentary Credit World (DCW) is the world’s only monthly journal dedicated to the field of letter of credit law and practice. Published in partnership with BAFT, DCW is linked to the most important players in the industry to bring its readers valuable information and the latest news of developments affecting their LC operations and business. From its focus on new rules and regulations involving commercial and standby LC practice to its regular discussion of recent court cases, DCW covers a host of topics and is essential for industry professionals. In addition to individual subscriptions, licenses for groups are available. To view our latest issue’s Table of Contents visit www.doccreditworld.com or for more information, contact DCW at info@ doccreditworld.com

www.law.gmu.edu

Invited Panelists

Mike AVIDON is a partner at Moses & Singer LLP, a New York City law firm, where he co-chairs the Banking and Finance Group and the International Trade Group.

Buddy BAKER has over 30 years of experience in inter-national trade finance. In May 2009 he joined Fifth Third Bank as head of their Trade Services Sales team, based in Chicago.

Jim BARNES practices law in the Chicago office of Baker & McKenzie LLC.

Justin BERGER is Associate Counsel at the Institute of In-ternational Banking Law & Practice

James BYRNE is the Director of the Institute of Interna-tional Banking Law & Practice, Inc. and teaches at George Mason University School of Law.

Christopher S. BYRNES is Executive Editor of the LC in-dustry’s monthly journal publication, Documentary Credit World.

Christopher CRAWFORD is an attorney in the Bank Ac-tivities & Structure Division at the Office of the Comptrol-ler of the Currency.

Lee DAVIS is a Supervisory Financial Analyst for the Board of Governors of the Federal Reserve System’s BSA/AML Compliance Section where he works on a range of issues related to anti-money laundering regulation and su-pervision, with a particular focus on emerging payment methods.

Jason DESROCHES is Senior Legal Counsel at National Bank of Canada.

Paula GREAVES, CDCS, is SVP & Global Policies & Pro-cedures Technical Consultant, Global Trade Operations, at Bank of America Merrill Lynch in Seattle.

Fabián GUEVARA is an Assistant General Counsel in the Corporate and Investment Bank at JPMorgan in New York.  His practice is in global trade finance, with a focus on Latin America.

Prof. Charl HUGO is a professor of law at the Universityof Johannesburg.

Sam JEBAMONY is a VP with JPMorgan Chase Bank N.A. with more than 30 years of letters of credit opera-tions experience with various U.S. and foreign banks.

Saibo JIN, lawyer, litigator, and arbitrator of PRC, is a partner of Commerce & Finance Law Offices of China.

Jim KERR is counsel to the firm of Davis Polk & Ward-well, and his practice includes general commercial litigation and banking and securities litigation.

Carter KLEIN is a partner at Jenner & Block LLP where he has practiced for the past 40 years in the areas of finan-cial services, Uniform Commercial Code, credit enhance-ments and commercial law.

Prof. Michelle KELLY-LOUW is a professor at the Uni-versity of South Africa (UNISA).

Jacob MANNING is an Associate at the law firm of Dins-more & Shohl, and is an Associate Fellow of the IIBLP.

Rick MARTINEZ is a Partner at Haynes and Boone, LLP in New York.

Matt McALPINE is the Director & Associate General Counsel at the Office of the General Counsel at Citigroup, Inc.

Dennis L. NOAH is a retired senior international banking officer and was employed by three different banks during his 39 year career.

Panelist participation subject to change. No endorsements of any sort by organizations are made or implied.

Invited Panelists

David RABINOWITZ is a partner at Moses & Singer LLP and Co-Chair of its Litigation Practice Group.

Rita RICCI is Global Head of the Trade Expertise Desk of BNP Paribas with over 35 years of experience in trade finance operations. She joined BNP Paribas in 2003 as co-head of their Trade Finance Operations based in Montreal.

Paul M. RODER is a partner in the Banking and Finance practice group of Moses & Singer LLP, a New York City law firm. He represents money center banks and other finan-cial institutions, both foreign and domestic, in a variety of financing transactions, including secured and unsecured lending and letter of credit transactions.

Mary ROSEN is Senior Counsel in the Wells Fargo Law Department based in Minneapolis.

Samuel SANTIAGO is Associate General Counsel and Di-rector for Bank of America Merrill Lynch, heading up the team of lawyers that support Global Transactions Services (Cash & Liquidity Management, Trade Finance & Trade Services, Corporate Commercial Card and Banknotes) in the Asia Pacific Region.

Hermann SCHUTTERLE is a Vice President & Senior Operations Manager for Global Trade Operations at Bank of America Merrill Lynch’s (BAML) Trade Operations unit based in Los Angeles.

Valeria SICA is Managing Director, Global Trade Ser-vices Head, Citi New York. She is also a member of TTS’ Executive and Citi Trade Management Committees.

Lorna STRONG is Deputy General Counsel for HSBC Global Trade and Receivables Finance (GTRF), based at HSBC’s head offices in London, UK, acting as primary le-gal advisor for GTRF’s operations globally.

Charnell C. WILLIAMS is a Director and Citi’s GlobalTransactions Services Product Manager, responsible for global risks, controls, and deployment of AML processes.

Jun XU is Senior Product Manager in the Global Trade Services Department at Bank of China Jiansu Branch, a member of ICC DOCDEX, and team leader of ICC China Banking Committee Translation Expert Team.

Panelist participation subject to change. No endorsements of any sort by organizations are made or implied.

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Documentary Credit World (DCW)

Published 10 times a year, and averaging 50 pages an issue, DCW tracks trends and developments in com-mercial lcs, standbys, and demand guarantees, with regular exclusive coverage on current and ongoing legal cases. DCW contains articles by leading lc pro-fessionals from across the globe on topics of vital in-terest. The only monthly trade finance publication in existence, DCW has been the industry standard since 1985.

Certified Standby & Guarantee Professional

Established in 2010 and revamped in 2014, the Certified standby & guarantee Professional (csgP) Certification Programme is a professional certificate programme issued jointly by the council on International standby Practices (cIsP) and the Institute of International Bank-ing law & Practice (IIBlP).

The CSGP Certification is the industry standard certifi-cate for professionals who specialize in standby lcs or guarantees.

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